Sale on Approval and Sale or Return; Consignment Sales and Rights of Creditors. (1) Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is(a) a 'sale on approval' if the goods are delivered primarily for use, and(b) a 'sale or return' if the goods are delivered primarily for resale.(2) Goods held on approval are not subject to the claims of the buyer's creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer's possession.(3) Any 'or return' term of a contract for sale is to be treated as a separate contract for sale within the statute of frauds section of this article (Section 2-201 of this title) and as contradicting the sale aspect of the contract within the provisions of this article on parole or extrinsic evidence (Section 2-202 of this title).Added by Laws 1961, p. 85, § 2-326. Amended by Laws 2000, c. 371, § 150, eff. July 1, 2001.
Oklahoma Legal Code